1993 (11) TMI 241

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nd 1989-90 the respondent worked as the agent of the Life Insurance Corpn. of India and received the payment of commission. The respondent did not maintain any books of account regarding the expenses incurred by them in respect of the agency business done by the respondent. In view of modified instructions issued by the Board contained in circular dated 6-6-1984, the respondent claimed deduction f .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he Act'). The Tribunal rejected the said application. The revenue has now made the present application under section 256(2). 3. We have carefully gone through the above-referred circular issued by the Board. The said circular clearly provides that the expenditure may be allowed at the rate of 50 per cent of the year's commission where the gross commission is less than ₹ 60,000. Th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X